As AI becomes more fractured, one names stands out: AMD

Impact · against what's priced in

The article provides no catalysts for AMD or LRCX as its points regarding supply expansion and spending fears are already baked into their respective valuations. The negative outlook for IREN and CoreWeave confirms the market's current skepticism regarding the viability of the neocloud buildout.

IREN−0.10

Already priced in

The price assumes

The severe execution and dilution risk of scaling from 810MW to multi-gigawatt capacity

The report that IREN is down more than 20% this year amid 'cracks in the AI trade' reinforces the market's rejection of its high-margin neocloud vision.

What IREN's price assumes · Aug 27

• LRCX▲3457%
• META▲101%
• earnings▲34%
• ipo
• ai
• AMD
• semiconductors